Pacific Ethanol sells 5.5M shares at $26.38 to institutions

RobertDaniel

NEW YORK (MarketWatch) -- Pacific Ethanol Inc.,
PEIX, -1.02%
the Fresno, Calif., developer of renewable fuels, said it definitively agreed to sell 5.5 million common shares at $26.38 each to a group of institutional investors. The investors will also acquire warrants to buy 2.7 million additional shares for $31.55 each. Pacific Ethanol expects to use the $138 million net proceeds of the offering to complete five ethanol-production plants by the end of 2008; to expand plans for additional facilities; and to invest in corn and cellulose process technologies. Cowen & Co. placed the offering. Pacific Ethanol shares rose $1.29, or 4.3%, Thursday to $31.52.

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